We have a lot to learn from Karl Marx’s Das Kapital says McDonnell
JOHN McDonnell yesterday admitted that Labour’s blueprint for the economy was inspired by the writings of communist guru Karl Marx.
The shadow chancellor claimed there was “a lot to learn” from the revolutionary’s vast theoretical tome Das Kapital as he set out plans for soaring taxes on the better-off.
He also refused to deny being an “unapologetic Marxist” and spoke of his ambition to be Britain’s first truly socialist Treasury chief.
Mr McDonnell, who is Labour leader Jeremy Corbyn’s closest shadow cabinet ally, confirmed his hard-Left leanings in an interview on the BBC One Andrew Marr Show.
He repeatedly stonewalled when asked about his previous description of himself as a follower of Marx. “I believe there’s a lot to learn from reading Das Kapital, yes, of course it is, and that’s been recommended not just by me but many others, mainstream economists as well,” he said.
Desperately
Asked if he wanted to be Britain’s first Marxist Chancellor of the Exchequer, he said: “I’m going to be the first socialist in the tradition of the Labour Party. And what that means, it’s going to be rooted in Labour Party values. And what are they? Fairness and equality but making sure that there is a democratic decision taken at every stage.”
His admission came as he confirmed plans to hike income tax for anyone earning £80,000 or more a year. The shadow chancellor claimed tax hikes would only be “modest” while 95 per cent of earners would not suffer any rises in income tax, national insurance or VAT under a Labour government.
He refused to rule out a new 60 per cent top-rate tax for the highest earners. “Anyone earning below £80,000, we will be guaranteeing you will not have an increase in income tax or VAT or national insurance.
“For those above £80,000, we’re asking them to pay a modest bit more. Why? To fund our public services.”
Asked if there would be a new rate of tax, Mr McDonnell said Labour is finalising its manifesto ahead of next week’s launch. Pressed if he had changed his mind from considering that those earning more than £100,000 should pay 60 per cent tax, he added: “I don’t want to pre-empt any decisions that will be made within the democratic process of the Labour Party.
“You will see it’ll be a modest increase but it’ll go to our education services, caring services and our NHS. They’re desperately in need.”
In response, International Development Secretary Priti Patel said: “The man Jeremy Corbyn wants to make chancellor believes that the nonsensical ideas of Karl Marx – punitive taxes, closing down businesses and the removal of private property – should be at the heart of Britain’s economic policy.
“It is just a glimpse of the economic destruction that Jeremy Corbyn and John McDonnell, backed by a coalition of chaos, would unleash on the British economy in five weeks’ time.”
Mr McDonnell’s admission of his Marxist sympathies comes days after it was revealed that more than 10 hard-Left groups, including the Socialist Workers Party and Alliance for Workers’ Liberty, are backing Labour in the general election.